Honeywell said that it may calve its aerospace division from the conglomerate, sending shares up more than 2% before the opening bell Monday.

The announcement arrives about one month after Elliott Investment Management revealed a stake of more than $5 billion in the aerospace, automation and materials company.

In a letter sent to Honeywell’s board, Elliott said that the company needed to simplify its structure as it deals with uneven execution, inconsistent financial results and an underperforming stock price.

Elliott wants the the Charlotte, North Carolina, company to separate its automation and aerospace businesses.

The board of Honeywell International Inc. has been exploring strategic options for the company since earlier this year. It has said there will be an update in late January when it releases its fourth-quarter earnings results.

A number of American conglomerates, like General Electric and Dow Chemical, have already broken up their companies to become more nimble. Shares of Honeywell have trailed the S&P 500 index by a wide margin this year.

The company, which makes everything from eye solution to barcode readers, is already shifting. Since last December, Honeywell announced plans to spin off its advanced materials business, entered an agreement to sell its personal protective equipment business, as its made several acquisitions.

"Honeywell is now well-positioned for significant transformational alternatives, and we are continuing our deeper, more granular exploration of their feasibility and possible timing,” Chairman and CEO Vimal Kapur said in a statement. “Honeywell’s board of directors remains committed to maximizing shareholder value creation, and any decision will be evaluated against that goal.”